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CBN waives guarantor requirement for N50 billion COVID-19 loan applications

Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards.



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The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.

This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver.

READ MORE: 5 rules that Dangote has Adopted from The 48 Laws of Power

All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.

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READ ALSO: Nigeria’s tier-1 banks earn N18.4 billion from account maintenance charges in Q1 2020

“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”

Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”

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Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.

Nairametrics earlier reported that loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.



  1. Peter obatowose

    June 9, 2020 at 12:27 am

    Please what about the people that have submitted there guarantors form and collateral documents and have not received any further information or notice for the loan.

    • Iheanacho Ifeyinwa glory

      June 9, 2020 at 11:01 am

      I have submitted my application and my account details till now I have not received any massage on my email to know if i am eligible or not

      • Samuel Amantem

        June 12, 2020 at 2:03 pm

        Good day sir/madam, thks for good job you are doing, please send me the websites to apply for the cbn covid loan, l have been trying since but no way

        • Henry

          June 13, 2020 at 11:48 pm

          I had applied for loan no show since 21 05 2020

          • usman Idris Mahmud

            June 16, 2020 at 7:49 am

            Please how can I apply

          • Emmanuel Chukwuebuka

            June 19, 2020 at 4:07 pm

            please how did you apply

          • Musa sule

            June 26, 2020 at 9:01 am

            I need loan for business. I want to started block industry here in Abuja. Plz i need up-to 1.5millon

      • Salihu Abbas

        June 13, 2020 at 5:48 pm

        Pls guys which website am I to used to apply for the loan

        • Mujidat oyekunle ige

          June 29, 2020 at 9:18 am

          Please, how can I apply for the loan

      • Abdullahi Yusuf

        June 15, 2020 at 1:59 am

        are no see massage in my phone or email

      • Gbolahan Obadimeji Philips

        June 19, 2020 at 4:08 pm

        Can someone send me the link to the form? I have tried several times even the Microsoft aspect is problematic

      • Aminu Mohammed

        June 29, 2020 at 11:35 am

        I have submitted my application about two weeks ago,no message not notification about household loan


          July 6, 2020 at 12:29 pm

          Account name: Hussaini ALAMIN
          Bank : JAIZ BANK
          ACC NO : 0005027477
          BVN NO: 22286454106

    • Anonymous

      June 26, 2020 at 2:46 pm

      How can I apply please

    • Anyike David

      July 1, 2020 at 9:26 am

      We need more opportunities to be giving to many Nigerians to apply for this loan.

  2. Ehiowemwenguan Augustine

    June 9, 2020 at 8:21 am

    How can fg demanded such collateral from people he claim to help,is every body especially Nigeria farmers have people as level 12 up ward and above to stand as collecteral before an loan can be granted.Do you known we apply for covid 19 loan, after paying #3000 for process,we where told to go bring our mobility documents,our gaurantor Bvn and guarantor from level 12 upward to stand for us. Over a month now we applied until now we are still looking for gaurantor inlevel 12 and above,and they are not ready to release their Bvn even calling us 419.

    • Uthman El-yazaki

      June 17, 2020 at 3:44 pm

      Can Someone please send me the website for the covid-19 loan application?

  3. Yekeen sikiru kayode

    June 9, 2020 at 10:24 am

    There have send me approval message in my SMS box,I enter my browser to confirm it, there tell me to check back later… Please help me find solution sir..

  4. Anonymous

    June 9, 2020 at 10:47 am

    What of the case whereby you are told that you are receiving the loan on a 9% interest rate at a center. That is if you’re going for #500,000 loan,you will be paying #45000 as monthly interest. Then #45000 in 12 months is #540,000 and in 3 years when the loan elapses, you are paying #1,620,000 as interest for a #500,000 loan. This is too much na!!!. Some years back, financial aid given to Farmers by fg usually where at very low or no internet rate. The interest payable for #500,000 in 12 months is more than the principal amount. How will people be able to pay that. Fg should look into this ooooo

    • Comfort Emiola

      June 9, 2020 at 2:21 pm

      I submitted my own form on 16/05/2020 and they acknowledged receiving my form and.promised to get back to me in short time,, but yet to hear from them again, I don’t know what step to take now again

    • Emmanuel Bassey Udoh

      June 13, 2020 at 4:12 am

      I think you are not getting the whole thing here, the interest rate is per Annual not monthly, the interest rate is 5percent for a year, that’s if you pay back the loan in one year, but it exist one year their interest rate will increase to 9percent per annual. So check out your calculation.

  5. Commy

    June 9, 2020 at 11:03 am

    What is fg saying about the interest rate which exceed the principal amount payable in 12 months. I.e #500,000*9%=#45000.#45000*12 months=#540,000*3years=#1,620,000. I use to think that aid given to Farmers where usually at very low or no interest rate.

    • Anonymous

      June 9, 2020 at 10:27 pm

      I think the rate is 9% par annum not monthly,so check your calculation

  6. Chris Omekwe

    June 9, 2020 at 3:32 pm

    A regular Nigerian news browser or searcher, I’m disappointed that the information of the availability of this loan was not adequately disseminated. Is it too late now :this piece didn’t even say if applications are still invited and how and where to apply to

  7. Realist

    June 9, 2020 at 3:45 pm

    They already know where and who will receive what. The process is loaded heavily with political undertones. The arrangements is just a decor to fool the rest of us. If my observation is incorrect, let CBN published all beneficiary after the disbursements.

  8. Adebanke

    June 9, 2020 at 10:22 pm

    I applied for the loan, but my account number was not form was acknowledged to have been received and promised to get back shortly since 2/6/2020. Please, what is the next line of action. Thanks


    June 10, 2020 at 11:10 pm

    They requested for my account details but i logged out to imput the information, they rejected me and said my Ive already submitted.

  10. Nsarum

    June 11, 2020 at 8:08 am

    My candid advice to every person in leadership is to transparent in whatever scheme that is rolled out in order foster trust in the mind of the followers, knowing that every thing you’re gathering here on earth is vanity. I can’t envy you greed and myopic leader who is acquiring everything, both the one that is meant for the poor.

  11. Collins

    June 12, 2020 at 5:27 pm

    Pls sir/madam send me the website where I can apply for the loan. Thanks

    • Agasi Dennis

      July 8, 2020 at 10:42 pm

      I had applied for the loan, but I haven’t received any alert till now. I traveled and Quarantined on my way for two weeks some times last two months.

  12. Aiyedun Okpeme Glory

    June 13, 2020 at 9:32 am

    Pls sir I need the web site and link to apply

    • Nwani Ejike Edmond

      June 17, 2020 at 10:50 am

      Please sir how can I apply for the loan?

  13. Anonymous

    June 13, 2020 at 3:39 pm

    Please send the website or link to apply on the loan

  14. Onyemere pet onye

    June 16, 2020 at 10:18 am

    Pls where can I apply for the loan.

  15. Evang.comr.Mira Nwa God

    June 16, 2020 at 11:16 am

    Pls send the websites here so that people that want to key in will freely do so.and for the people in control of this money transaction, always know that GOD is watching in all you guys are doing tanks

    • Aondona Christopher

      June 26, 2020 at 10:13 pm

      I need a loan so that I can expand my card please.


    June 16, 2020 at 5:00 pm

    Please i applied since last month and attached my statement of account and i received their acknowledgement mail but up til now i have not heard from them again.

  17. NSIDIBE obot

    June 16, 2020 at 6:48 pm

    What are the requirement.when you want to applied the covid19 loan directly with Central bank of Nigeria. If approximately we process it would it been possible to have it

  18. Bello lawan

    June 17, 2020 at 2:57 am

    Please I need apply to this form,because i have venture business, provision enterprises,i am very eager to get assistance, because this lockdown was effect my business,

  19. Cyrilnelson ogbonna

    June 17, 2020 at 4:16 pm

    I applied for the loan and they approved a certain account to be paid into my account but up till now I have not received the money and it’s over a week now since I submitted my account details online

    • Anonymous

      June 18, 2020 at 9:30 pm

      My brother the same thing with me oo

  20. Edet Isangedighi

    June 17, 2020 at 10:11 pm

    For the past two weeks I have been trying to apply for the loan online but it has not been easy for me,am married and wife is currently pregnant she was teaching in private school before the outbreak of this global pandemic,my people it’s not easy on our side our plan now is to start up business we have a shop the main challenge is the finance to start up. We are ready to comply with the laydown rule until we pay off the capital. Please.

  21. Ashiru sulaiman

    June 17, 2020 at 11:12 pm

    please I need to apply this form,I am fermer, that is maen purpose of loan

  22. Idris tijjani ladan

    June 18, 2020 at 1:48 pm

    Please I need apply to this form because i have venture business plastics I am very eager to get this assistance because this lockdown was effect my business please sir

  23. shu'aibu sabo

    June 18, 2020 at 5:11 pm

    Please I want apply jaw can I do?

  24. David

    June 19, 2020 at 1:47 pm

    How can one apply

  25. Emmanuel Oguori

    June 20, 2020 at 9:07 am

    Am Mr Emmanuel Oguori from Delta State,I want to use the money to register my oil and gas industry from Abuja, God bless Nigeria

  26. Hussein muhammed

    June 20, 2020 at 1:14 pm

    How can I apply for the loan? Please I need the link.

  27. abdullahi

    June 20, 2020 at 3:50 pm

    i want to apply but i dont know how to apply sir can you show me or tell how do i do

  28. Justice James

    June 21, 2020 at 1:31 pm

    Justice James

  29. Adavba Emmanuel

    June 22, 2020 at 2:09 am

    Pls is d household loan application closed

  30. Yusuf abubakar

    June 22, 2020 at 11:21 pm

    I have applied since 17 June but no any information yet ,am I not qualify or what is the problem

  31. Eze Blessing Rita

    June 22, 2020 at 11:23 pm

    How do I apply pls

  32. Azeez Ibrahim Abiodun

    June 23, 2020 at 12:31 pm

    Good day!

    My loan was approved and I have submitted my account details since on 13th of this month. Yet my account has’t been credited.


      June 26, 2020 at 8:11 am

      I applied,got a automated massage in my email but till now i have not gotten massage as regards to uploading my account number.

  33. Anonymous

    June 24, 2020 at 1:30 am

    Please i want to apply for it ?

  34. Aimasiko Abiodun R

    June 25, 2020 at 1:37 pm

    I thank God for the help u bring out sir/ ma, my question is like how many weeks are my to wait as I have applied for the from.
    Thank you, God bless you.

    • Anonymous

      June 27, 2020 at 4:31 pm


      i want to apply for this loan this covid 19
      Have effected my b nnes hw do go about it pls

  35. Okachi Moses

    June 27, 2020 at 8:39 pm

    please help me out sir. I am a successful applicant .I have given my bank details but is about 96hrs now I have not received the credit alert. What do I do

    • Igbasanmi sunday

      June 28, 2020 at 11:40 am

      Pls sir which website because i want to apply for the covid-19 loan pls help me out sir.

  36. Olaitan Kolawole

    June 30, 2020 at 2:13 am

    The website to apply is:

    You can try to apply, though I don’t know if they are still accepting new applications.

    • Anonymous

      September 7, 2020 at 4:24 pm

      Iam Ahmad Muhammad help me Sir I want start business help me with some money

  37. Olamijulo Catherine

    June 30, 2020 at 6:19 pm

    I have tried to apply for the loan but its not opening. I want to be a beneficiary of this covid-19 loan. To support my business. Please help me

  38. Adeniyi Adeyemi Emmanuel

    July 28, 2020 at 4:56 pm

    I have been trying to apply through but at the stage where my bvn should be verified, it kept telling me “this bvn does not exist”. And therefore i couldnt proceed. What really is the problem? I really need this fund.

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Financial Services

Fidelity Bank MD/CEO purchases 5 million additional shares worth N12.97 million

The MD/CEO Designate of Fidelity Bank Nigeria Plc has purchased an additional five million units of the bank’s shares.



Fidelity Bank M.D purchases 5 million additional shares worth N12.97 million

The Managing Director/CEO Designate of Fidelity Bank Nigeria Plc, Mrs. Nneka Onyeali-Ikpe has purchased an additional five million units of the bank’s shares totalling N12.97million.

This is according to a notification, signed by the bank’s Secretary, Mr. Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange Market yesterday, as seen by Nairametrics.

What you should know

The breakdown of the disclosure showed that the transaction took place in five tranches with an average share price of N2.56.

  • First tranche: 260,190 units of the bank’s share were bought at N2.52 each, amounting to N655,678.8
  • Second tranche: 400,000 units of the bank’s share were bought at N2.55 each, amounting to N1.02million.
  • Third tranche: 130,000 units of the bank’s share were bought at N2.58 each, amounting to N335,400.
  • Fourth tranche: 2,870,000 units of the bank’s share were bought at N2.60, amounting to N7.46million.
  • Fifth tranche: 1,339,810 units of the bank’s share were bought at N2.56, amounting to N3.43million.

(READ MORE: Fidelity Bank slashes growth forecast, readies Eurobond coupon ahead of due date)

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In summary, the total transactions incurred by the MD in buying 5 million additional shares grossed N12.97million.

What this means

The recent corporate action indicates growing optimism in the bank’s future and potentials, which could be a pull factor to other investors.

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Financial Services

CBN issues subtle warning explaining how domiciliary accounts should be used

The CBN has issued a new circular explaining how domiciliary accounts should be used.



parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

The Central Bank of Nigeria (CBN) issued a circular on Monday clarifying how domiciliary accounts will be operated in the country. According to the CBN, domiciliary accounts used to deposits export proceeds (inflow from exports of goods and services from Nigeria) can only be used for business operations.

The directive also allows any extra funds remaining in the domiciliary accounts to be sold in the Investors and Exporters (I&E) Window, suggesting that the CBN is warning exporters not to sell their foreign proceeds in the black market.

This disclosure was made in a circular dated November 30, 2020, issued by CBN to all authorized dealers and the general public and signed by its Director for Trade & Exchange Department, Dr O.S. Nnaji.

On Export Proceeds

These accounts will continue to be operated based on existing regulations which allow account holders use of their funds for business operations only, with any extra funds sold in the Investors & Exporters window.’

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On other domiciliary accounts

“Where accounts are funded by electronic/wire transfer, account holders will be allowed unfettered and unrestricted use of these funds for eligible transactions. Where accounts are funded by cash lodgments, the existing regulations will continue to apply.”

The CBN also claimed it was issuing these clarifications in view of its “vastly improved capabilities of the CBN to monitor transactions, forestall money laundering and prevent the adverse effect of dollarization in Nigeria’s economy” which the CBN has frowned upon for years.

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The CBN’s statement also alluded to the use of BVN in tracking compliance with its guidelines.

What this means

The latest regulations from the CBN appears to be directed at clarifying widespread information that there are plans for a clampdown of domiciliary accounts.

  • For export proceeds, this circular appears to be warning exporters to use their forex proceeds for “legitimate” transactions and sell the rest in the I&E window instead of selling it in the black market.
  • On Domiciliary accounts, the CBN is basically saying that inflows through electronic wires will be allowed for use by Nigerians for transactions deemed eligible. This means, if you received a foreign transfer into your account, you can use it to pay for transactions such as e-commerce payments or transfers to anyone at any time.
  • However, for dollar cash deposits into your accounts, the central bank is reiterating that there will be restrictions on how that money used such as restricting it from direct transfers or even using it to pay for e-commerce transactions. These rules have existed for some time.
  • Currently, a limit of $10,000 applies when you want to utilize foreign currency cash deposits.
  • The central bank is basically dissuading the black market purchase of forex by limiting the number of dollars that can be purchased on the streets where forex is sold in the black market. However, the majority of black market transactions, particularly in dollar value are traded using wired transfers.

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Financial Services

Stamp Duty on Nigerian Stock market transactions pegged at 0.08% from December 7

The NSE has given clarifications on the public notice released by the FIRS, itemizing contract notes at an ad valorem rate of 0.08%.



NSE prepares to launch West Africa’s first Exchange-traded derivatives

The Nigerian Stock Exchange has given clarifications on the public notice released by the Federal Inland Revenue Service (FIRS) in July, itemizing contract notes at an ad valorem rate of 0.08% up from 0.075%, effective 7th December 2020.

The circular released by the Nigerian Stock Exchange reads:

“In reference to the Public Notice in the Business Day Newspaper of Monday, 20 July 2020, captioned ‘Clarification of Administration of Stamp Duties in Nigeria’ issued by the Federal Inland Revenue Service (FIRS) (A copy is attached as Appendix A for ease of reference).

The Public Notice provided, amongst other things, information on dutiable instruments and the applicable flat or ad valorem rates, with Contract Notes 1 itemized at an ad valorem rate of 0.08%. As you know, this is at variance with the current rate of 0.075% administered in the Nigerian Capital Market.”

To that extent, Dealing Members of the Nigerian Stock Exchange are to note the following:

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  • Effective December 7, 2020, the Central Securities Clearing System Plc. (CSCS) will adjust its system to implement the automated deduction of the Stamp Duty rate of 0.08%.
  • Dealing Members are required to immediately engage their software vendors for the required adjustments to their technology applications, to reflect the 0.08% rate ahead of the effective date of 7 December 2020.
  • Dealing Members are required to communicate the changes above to their clients immediately, ahead of the effective date.

What you should know

Nairametrics revealed that the FIRS listed at least 50 types of transactions that are eligible for stamp duty deductions.

Some of the listed chargeable transactions include bank deposit or transfer, loan agreement, Memorandum of Understanding (MoU), sales agreement, will, tenancy/lease agreement, and all receipts.

The FIRS noted that the recently inaugurated FIRS Adhesive Stamp is not the same as the postage stamp administered by NIPOST for the purposes of delivery of items and documents.

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The Stamp Duties Act, 19391 defines Contact Notes as “the note sent by a broker or agent to his principal, or by any person who, by way of business, deals, or holds himself out as dealing, as a principal in any stock or marketable securities, advising the principal, or the vendor or purchaser, as the case may be, of the sale or purchase of any stock or marketable security, but does not include a note sent by a broker or agent to his principal where the principal is himself acting as broker or agent for a principal.”

See the circular below:

Download (PDF, 566KB)

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